TORONTO, May 15, 2018 /CNW/ – Aleafia Health Inc. (TSXV: ALEF OTC: CAMDF) (“Aleafia” or the “Company”) has signed an agreement to acquire a 160,000 sq. ft. modern, fully- automated greenhouse facility in Niagara-region including its advanced growing equipment (“Acquisition”) for $9.6 million. The transaction is expected to close on July 4, 2018.
Aleafia is one of Canada’s leading vertically integrated medical cannabis companies focused on “patient-centric” medical cannabis care.
- The160,000 sq. ft. Niagara facility has an immediate expansion capability of another 20,000 sq. ft.
- Both the 160,000 sq. ft. Niagara facility along with the 150,000 sq. ft. Scugog expansion plan are fully funded.
- Given the modern state of the Niagara greenhouse, Aleafia is expected to accelerate its production capacity and in turn respond more quickly to its patients needs.
- Aleafia has an experienced production team in place that has been successful in acquiring 4 production licences from Health Canada.
- A second site licence application will be submitted to Health Canada under the Access to Cannabis for Medical Purposes Regulations (ACMPR) for the newly acquired Niagara facility.
- It is expected that Aleafia will align its production of quality standardized strains of medical cannabis to its data base of information which sets out the needs of its patients based on those patients’ medical conditions.
- The advanced automation and strategic layout at the Niagara greenhouse facility requires minimal retrofitting and it is expected that Aleafia will achieve a greater production capacity at a lower cost.
- It is expected that the transaction will be treated as an expedited acquisition for purposes of the policies of TSX Venture Exchange. The transaction is subject to acceptance of the TSX Venture Exchange.
“This latest Aleafia acquisition is a major strategic achievement for the Company that strongly positions us for success as we continue to execute on the next phase of our operations” said Aleafia’s Executive Chairman Julian Fantino.
“We, at Aleafia want to ensure that the strains required by our patients are available to them when they need them” said Aleafia’s Chief Executive Officer Raf Souccar.
“With its automated moving container bench system, precision irrigation and highly efficient LED lighting for plants in their vegetative stage, we will have one of the most efficient cultivation greenhouses in the medical cannabis industry, capable of producing up to seven crops per year.” said Lucas Escott, Aleafia’s production specialist.
About Aleafia Health Inc.:
Aleafia Health Inc. is one of Canada’s leading, vertically integrated medical cannabis companies with a unique patient-focused, medical cannabis healthcare solution. Led by a distinguished and experienced corporate leadership team, Aleafia Health Inc. is pioneering a patient-centric experience that includes personalized services before, during and after treatment. Aleafia’s 22 cannabis clinics are staffed by licensed, practicing physicians. For more information, please visit www.aleafiainc.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Aleafia’s current expectations. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes information relating to the implementation of Aleafia Health’s business plan. Such statements and information reflect the current view of Aleafia with respect to risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information.
Although Aleafia believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Accordingly, readers should not place undue reliance on any forward-looking information or statements contained in this press release. The forward-looking information contained in this press release is made as of the date hereof, and Aleafia does not undertake to update any forward-looking information that is contained or referenced herein, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Aleafia or persons acting on its behalf is expressly qualified in its entirety by this notice.
FOR MORE INFORMATION ABOUT ALEAFIA HEALTH INC., PLEASE CONTACT: Media Relations: Chantel Elloway, Email: email@example.com, Website: www.aleafiainc.com, Tel: +1 (778) 898-5564; Corporate Affairs: Bob Santos, Aleafia Health Inc., Email: firstname.lastname@example.org, Telephone: +1 (416) 860-5665; Investor Relations: Tyler M. Troup Circadian Group (Investor Relations), Tel:1-866-950-8300, Email: IR@aleafiainc.com
Link to original press release: https://aleafiainc.com/aleafia-health-inc-signs-agreement-to-acquire-160000-sq-ft-niagara-ontario-greenhouse/